Still lacking deal, Murphy budget eyes $60M in legal marijuana tax money
The governor’s proposed budget calls for $60 million of tax revenue on legal marijuana for half the year, assuming lawmakers and Gov. Phil Murphy can agree on a bill.
If legalized adult use cannabis and the surrounding bureaucracy is implemented on Jan. 1, 2020, the budget projects $39 million in net revenue over the course of six months.
Twenty-one million dollars would go towards the first-time costs of getting the administration set up, according to Treasurer Elizabeth Maher Muoio, but over time that amount would flatten out at roughly $12 million a year.